Two Nonprofits Awarded $225K Through Partnership and Affordable Housing Program Grants

Business Wire 20-Mar-2019 3:32 PM

BancorpSouth and FHLB Dallas Partner Together in Check Presentations

Two Jackson, Mississippi-based nonprofits received a combined $225,500 in Partnership Grant Program (PGP) and Affordable Housing Program (AHP) grants from BancorpSouth Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas). Jackson Mayor Chokwe Antar Lumumba joined bank representatives in presenting the funds at a ceremonial check presentation yesterday in Jackson.

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Restoration Home, Inc. is one of two Jackson, Mississippi-based nonprofits that received grants from BancorpSouth and FHLB Dallas to support housing and community investment initiatives. (Photo: Business Wire)

Corporation for Global Community Development (CGCD) received a $210,000 AHP grant and a $7,500 PGP grant. Restoration Home, Inc. received an $8,000 PGP grant.

"Opportunities like the ones made available today by the Partnership Grant Program and Affordable Housing Program allow for resources to flow in to nonprofits that would have otherwise not been available," said Mayor Lumumba. "I want to express my deep appreciation to FHLB Dallas and BancorpSouth for contributing to these initiatives, which are critical to improving and preserving the livelihood of our community."

As the nonprofit outreach arm of the Jackson Revival Center Church, CGCD offers services primarily to individuals and families living below the poverty line in Mississippi's Hinds County. The organization focuses on promoting the growth and development of individuals and communities through social programs, affordable housing, personal development and educational programs.

CGCD will use its AGP grant toward renovating two apartment buildings, totaling 14 housing units. Additionally, a portion of its PGP grant will help offset operational, administrative and programming expenses that would typically be funded by private donations and support from Jackson Revival Center Church. Both grants will benefit CGCD's resident base, which includes veterans, disabled seniors and homeless individuals, said Jennifer Biard, senior pastor of Jackson Revival Center Church.

"We are so appreciative of BancorpSouth and FHLB Dallas," she said. "Their support has increased our capacity to better serve and elevate the social well-being of low- to moderate-income individuals and communities throughout Mississippi."

Restoration Home, Inc. will apply its PGP grant toward intake fees and purchasing janitorial and office supplies. Restoration Home, Inc. provides transitional housing and services for recovering addicts, with a mission to implement a quality and structured program that leads to self-sufficiency.

"This grant has a big impact on helping to fulfill the goal of Restoration Home, Inc.," said Edward Hubbard, executive director of Restoration Home, Inc. "Capacity building assistance is hard to come by for agencies like ours and we are thankful that the banks collaborated to have a greater impact on the day-to-day operations of Restoration Home."

With the PGP, FHLB Dallas member institutions like BancorpSouth contribute $500 to $4,000 to a community-based organization (CBO), which FHLB Dallas matches at a 3:1 ratio. In 2018, FHLB Dallas awarded $300,000 in PGP funds through 31 member institutions to assist 32 CBOs. Combined with the $114,010 contributed by FHLB Dallas members, a total of $414,010 has been awarded to the organizations. AHP funds assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing for homeless individuals in their communities. The program targets households with incomes at or below 80 percent the median income of the area.

"We as a bank have a strong stance in ensuring that the needs of communities are met through inclusive and accessible grant programs," said Evelyn Edwards, vice president and corporate community development grant specialist at BancorpSouth. "A lot of our initiatives wouldn't be possible without the community investment opportunities offered by FHLB Dallas."

In Mississippi, FHLB Dallas has awarded more than $6.1 million in AHP grants totaling 897 units. In its five-state District, FHLB Dallas awarded $14 million in 2018 to 29 affordable housing projects, helping create 1,853 new or rehabilitated housing units.

"We strive to help bring opportunities that will have a longstanding effect on communities," said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. "It would not be possible without valued members like BancorpSouth."

To learn more about FHLB Dallas community investment products, visit fhlb.com/community.

About BancorpSouth Bank

BancorpSouth Bank (NYSE:BXS) is headquartered in Tupelo, Mississippi, with approximately $18 billion in assets. BancorpSouth operates approximately 285 full service branch locations as well as additional mortgage, insurance, and loan production offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois. BancorpSouth is committed to a culture of respect, diversity, and inclusion in both its workplace and communities. To learn more, visit our Community Commitment page at bancorpsouth.com; "Like" us on Facebook; follow us on Twitter@MyBXS; or connect with us through LinkedIn.

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank system created by Congress in 1932. FHLB Dallas, with total assets of $72.8 billion as of December 31, 2018, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.

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